FSA accepting emergency farm loan applications

April 30, 2013 at midnightUpdated April 29, 2013 at 11:30 p.m.

Wharton's Farm Service Agency office is now accepting applications for emergency farm loans due to losses caused by drought.

Victoria County is among nine in Texas that Agriculture Secretary Tom Vilsack named eligible for loans to cover part of actual production and physical losses resulting from the drought, according to a Farm Service Agency news release.

Farmers may be eligible for loans up to 100 percent of their actual losses or the operating loan needed to continue the agricultural business, whichever is less, according to the release. For those unable to obtain credit from private commercial lenders, the interest rate is 2.375 percent.

As a general rule, a farmer must have suffered at least a 30-percent loss of crop production or suffered any physical loss to be eligible, Farm Loan Manager Gail A. Hoskins said in the release.

Producers participating in the Federal Crop Insurance program must consider proceeds from the program when determining production loss. All insurance proceeds received as a result the physical loss must also be considered.

Applications will be accepted through Dec. 10, but farmers should apply as soon as possible, as delays could create backlogs in processing with possible delays into the new farming season.

Wharton's Farm Service Agency office is open from 8 a.m. to 4:30 p.m. Monday through Friday.